A Leading Nancial S T E K R A M E R U T C U R T S Ra F N I And Data .
A leading financialmarkets infrastructureand data providerLondon Stock Exchange Group plcGroup Sustainability Report 2020
1London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixCONTENTSIntroduction02 Welcome to our 2020 Group Sustainability Report04 Our response to Covid-1905060708091011Our Sustainability StrategyGroup at a glanceLooking aheadOur approach to sustainabilityMateriality reviewProgress on our commitmentsSustainability ratings performance12 Enabling and supporting positive change21 Being a responsible business22 Environment: progress in 202026 Social26 2020 initiatives29 Diversity and Inclusion33 LSEG Foundation35 Governance35 Sustainability governance36 Sustainability risk management37 Key policies and compliance38 Human rights39 Engagement with stakeholdersand shareholders40 Tax transparencyFor further information,visit: www.lseg.comRefinitiv acquisitionThis report describes the sustainabilityperformance and activities of LSEG as it wasin 2020 and therefore prior to the acquisitionof Refinitiv, which took place in January 2021.Development of the new Group’s sustainabilityapproach will be shared during 2021.About this report1. Scope and time frameThis report covers 100% of the businesses over which LSEGhad operational control in 2020 (all legal entities in which LSEGhas a 51% stake or higher) employing the same principles asfor financial data. For a list of all the subsidiaries consolidatedand covered in the report, please see our Annual Report,pages 192–197. When a different boundary applies to ESGdata, we provide explanations in the relevant section. Thetime frame matches the time period for the Annual Report.2. Verification and approvalAll data included in this report has been submitted to aninternal verification process. Environmental, diversity andcash donation data has also been externally verified.The external verification statement for the environmentaldata is published on www.lseg.com/investor-relations/sustainability. This report was approved by the LSEG Boardin March 2021.41 Appendix: Detailed performance dataand reporting disclosures42 Environment49 Social50 Governance50 Sustainability risk51 UN SSE: communication to stakeholders54 FTSE Russell ESG data points55 SDGs56 TCFD58 WFE principles59 SASB3. Data provisionWe provide both raw and normalised data where relevant(see Environment section), and wherever possible weprovide three-year time series of comparable data.Investor RelationsLondon Stock Exchange Group plc10 Paternoster SquareLondon EC4M 7LSEmail: ir@lseg.comFor a glossary of terms, visit:www.lseg.com/glossary
2London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixWelcome to our 2020 Group Sustainability Reportto transform the global financial ecosystem and second,transforming our operations and culture while supportingour wider communities. In 2020, our focus was onhelping to mitigate the devastating impact of theCovid-19 pandemic; promoting diversity and inclusion;and tackling climate change.David SchwimmerCEOIn 2020 our focus was onhelping to mitigate thedevastating impact of theCovid-19 pandemic; promotingdiversity and inclusion; andtackling climate change.”Our 2020 Sustainability Report reflects the progressthat we, prior to acquiring Refinitiv, have made towardsembedding sustainability as an integrated andfundamental part of our strategy and culture. Thisagenda continues to be a priority for me and for LSEG.Positioned at the heart of capital markets, LSEG iswell positioned to drive long-term sustainable economicgrowth, stability and resilience across global economies.We partner across the marketplace, and with otherindustry leaders, to champion the role responsiblebusinesses and investors play in accelerating thetransition to a low-carbon, sustainable economy andpromoting good corporate governance. Our approachto embedding sustainability has two pillars: first, helping2020 was unprecedented in the challenges presentedglobally by the Covid-19 pandemic. Throughout, LSEGhas been focused on ensuring the welfare of ouremployees and continuity of services to our customers.We have prioritised operational resilience; maintainingaccess to our capital markets; managing risk through ourclearing operations; and providing important informationservices to market participants. All our systems continuedto operate as normal, coping with the surge in volumesseen in March 2020, as customers rushed to hedgeportfolios to manage risk. We also supported ourissuers by waiving fees for Covid-19 related social andsustainability bonds. 75 billion of Covid-19 bonds werelisted on London Stock Exchange, as at 31 December.As important was ensuring the wellbeing and healthof our people who have had different experiencesof longer-term working from home under restrictedconditions. We managed to transition the majority of ourworkforce successfully to a remote working environmentand we continue to adapt our technology and workingpractices to this changing environment. We alsomade a conscious effort to ensure that employee careerdevelopment was not hampered by ensuring they hadthe right support and access to resources. This hasincluded the successful transition of face-to-face trainingonto virtual environments. We maintained our globalmentoring programme and launched “the Social Exchange”so that colleagues could meet and engage with each other,share experiences, foster an environment of partnershipand collaboration, and encourage people to seekdiversity of thoughts and opinions.LSEG is also committed to supporting the communitiesin which we operate around the world, partnering withglobal and local charitable organisations to further supportthose impacted by Covid-19. In the UK and Italy we donated 1 million and 1 million respectively to support small andmedium sized businesses who faced significant hardshipas a result of the pandemic. We also donated a further 1 million to the Red Cross’ Emergency Appeal Covid-19emergency fund. Through our LSEG foundation, we havedonated 420,000 around the world and are alsomatching up to 120,000 of employee donations inrelation to Covid-19 relief. We recognise the importantrole that LSEG can play in the economic recovery,empowering and enabling businesses and customersto fund innovation, manage risk and create jobs, andwe continue to assess areas where we can provideleadership and support.Diversity and inclusion remains at the centre of ourculture of partnership and collaboration. Our Diversityand Inclusion agenda is supported throughout theorganisation and we have laid some of the foundationsto improve diversity and strengthen racial inclusion.In 2020, 50% of our senior manager joiners were female,bringing our total female participation to 37%. In addition,at the end of 2020, we confirmed that the members ofthe Executive Committee post the completion of theacquisition of Refinitiv would be 40% female.
3London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixWelcome to our 2020 Group Sustainability Report continuedOUR FOCUS IN 2020Our response to Covid-19Page 4 75 billionof Covid-19 bonds were listedon London Stock ExchangeDiversity and InclusionPage 29–3044%Female representation at Board levelas of 31 December 2020We have also made good progress in promoting ethnicallydiverse talent within our organisation. We have madepublic commitments on race and disability equalitythrough the Race at Work Charter and grown our InclusionNetworks. There is clearly much more to do but LSEG isfully committed to that effort and it will remain a keypriority for the Group moving forward.Climate risks pose threats to ecosystems, societies,markets and to companies. LSEG is committed to playinga leading role in supporting the growing drive to a net-zerocarbon economy. LSEG has been a supporter of the TaskForce for Climate-related Financial Disclosures (TCFD)since its launch in 2017. LSEG not only encourages issuersto report against TCFD through our reporting guidancebut aims to go further each year in embedding thesestandards into our own financial reporting. In July, I joinedMark Carney, UN special envoy for climate and finance,to launch an initiative to ask exchanges from aroundthe world to join a collaborative effort to drive globallyconsistent climate reporting. This collaboration is beingtaken forward through the United Nations SustainableStock Exchanges advisory group which LSEG chairs,alongside the Johannesburg Stock Exchange. We aredeveloping reporting guidance based on TCFD to ensureglobally consistent disclosures which each exchangecan publish for use by their own corporate issuers.With regards to carbon emissions associated with LSEG’sown operations, given the pandemic, the reduction inbusiness travel and increased remote working haveresulted in a significant reduction in our CO2 emissionsper employee. In February 2021, LSEG also confirmedthat it had become a signatory to the Business Ambitionfor 1.5ºC, and a member of the United Nations ClimateChange “Race to Zero”. The Group’s ambitious,science-based targets to reduce emissions in alignmentwith the Paris Agreement have also been approvedby the Science Based Targets initiative (SBTi).And finally, as a product provider and a partner tobusinesses, investors and the finance sector, wecontinued to roll out a series of new products acrossour core businesses to further enable the integrationof sustainability into markets. This included the FTSEClimate Risk-Adjusted EMU Government Bond Index(Climate EGBI), a European variant of the Climate WGBI,applying factors based on physical risk, transition riskand resiliency. Later in 2020, we brought out a newversion with increased tilting towards climate riskconsiderations, the FTSE Advanced Climate EGBI,which was used as a basis for the first climate riskadjusted government bond ETF in the market launchedby BlackRock. Further products launched include theGreen Revenues 2.0 model, a revised taxonomy toassess reliably corporate contributions to the greeneconomy. In our capital markets business, we werenamed “Stock Exchange of the Year” by EnvironmentalFinance in their 2020 Sustainable Investment Awards.In 2020 London Stock Exchange recognised a further21 issuers with its Green Economy Mark, for companiesthat can attribute 50% or more of their revenues fromgreen products and services, bringing the totalnumber of companies with this classification to 92.The acquisition of Refinitiv, which we completed inJanuary 2021, will significantly enhance our ability tofurther drive sustainable growth through innovation insustainability analytics. Furthermore, their commitmentto sustainability leadership and the United NationsSustainable Development Goals is aligned with LSEG’spriorities. The combination provides an opportunity tocreate a world-leader in sustainability that can partneracross capital markets to address the major challengesthat the global economy and our societies face.We look forward to presenting a new and enhancedsustainability agenda in the coming months.The acquisition of Refinitivwill significantly enhanceour ability to further drivesustainable growththrough innovation insustainability analytics.”
4London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixOur response to Covid-19Across our businessCovid-19 has had a huge impact onsocieties, the global economy, our ownpeople, customers and stakeholders.The health and wellbeing of employeeshas been a key focus. The vast majorityof our teams in most locations have beenworking remotely and we continueadapting our technology and workingpractices to this changing environment.LSEG is in regular contact with publichealth authorities, governments andstakeholders around the world and willadjust the response accordingly.To support our people we developed a Covid-19microsite on measures that the Group were taking tosupport them. We launched a series of video updatesfrom our senior leaders and produced the first editionof LSEG’s Covid-19 Support Guide, bringing togetherall related resources and making it easier to accessinformation on wellbeing, learning and developmentand to stay connected across the Group.In May, we surveyed our teams globally to understandtheir experiences and plan meaningful actions.Overall feedback was positive and in line withexternal trends: 92% were confident in senior leaders’ ability to leadthe Group during this time 86% believed their manager is effectively managingthem and their team virtually, with 83% agreeing theirmanager regularly asks how they are doing 93% understood their team’s key priorities and 94%were clear about what is expected of them 82% responded that they knew who to talk to for supportto manage their wellbeing 91% responded they were able to stay connectedwith colleagues.The survey included open-ended questions which invitedcolleagues to highlight what (if any) further support theyrequire while working remotely. Half confirmed theywere satisfied with current arrangements, while othershighlighted a need to improve: communication,technology and manager capability.In response to the survey insights, we launched a seriesof line manager webinars focused on topics such asbuilding resilience and how to keep a remote teamconnected, helping our leaders manage wellbeingwithin their teams and ensuring colleagues feltconnected. We empowered our leaders to encouragenew ways of working, through running townhalls andvirtual team meetings. These meetings are run alongsideregular intranet articles and events focusing on differentaspects of wellbeing, such as the “Managing Home andWork Life” webinar. We have have encouragedcolleagues to assess their working environments andtargeted learning is available to support our managers asthey learn to adapt to new ways of working andmanaging teams.We launched a series of mental health awareness eventsand trained more than 340 colleagues as Mental HealthChampions, who are now able to spot when someonemay be struggling with their mental health while workingremotely, and can identify support pathways for colleagues.We introduced the LSEG Social Exchange, wherecolleagues are paired up for a virtual coffee break withpeople they might not ordinarily interact with, buildingrelationships across the Group and fostering an environmentof collaboration. Over 350 colleagues took part in thefirst cohort with the next group starting in early 2021.Parts of the Group have been running an initiative called“Mid-week My Time” where on Wednesday afternoonsthere is a “no meeting zone”, colleagues can use this timefor their own development or wellbeing. Refinitiv alreadyhave something similar in place as a wellbeing initiative.To measure these initiatives effectiveness, we surveyedcolleagues again in September. While results remainedin line with external trends, some results were lower,reflecting colleagues’ need for greater human and socialinteraction, having worked remotely for a prolongedperiod. For example, 55% of our colleagues felt able todisconnect from work during non-work time (vs. 75% inMay). To help them create clear boundaries, we launcheda series of Wellbeing webinars focusing on how toimprove motivation, stay connected and keep positivethrough uncertainty. The latest results showed that 73%know who to talk to if they need support to manage theirwellbeing (vs. 81% in May).We recognise that we continue to operate in a challengingenvironment, and for some colleagues this can takea toll on their wellbeing. We are encouraging colleaguesto speak with their line managers to arrange flexibleworking solutions to suit them. We’ve provided regularcommunications through various channels and internalsupport networks to ensure all colleagues understandwhat resources are available to them to manage theirwellbeing, and who they can talk to if they need support.Across our marketsIn March, London Stock Exchange was the first exchangeglobally to announce that it would be admitting socialand sustainability bonds with the use of proceedsaligned towards mitigating the impact of Covid-19 with noadmission fees on its Sustainable Bond Market (SBM).As of 31 December, a total of 75 billion of Covid-19bonds were listed on London Stock Exchange, of whichover 4 billion was listed on the SBM. These issuancesincluded a US 3 billion Social ‘Fight Covid-19’ bondby the African Development Bank Group. The proceedswill be put towards mitigating the impact of Covid-19.Additionally, RepoClear supported the clearing ofbonds issued as part of the European Union’stemporary support to mitigate unemployment risks inan emergency programme.LSEG is committed to supporting communities whereit operates around the world. In response to Covid-19,our regional charity committees made recommendationsto LSEG Foundation on suitable donations, which hasallocated more than 420,000 to charities across theworld. Colleagues have raised additional funds tofurther support specific charities. We are matchingemployee donations for Covid-19-related relief up to 120,000 globally.In the UK, we donated 1 million to Business in theCommunity’s National Business Response Network,set up by The Prince’s Trust. The Network matchescommunity groups, charities and small businessesin need with other businesses that can providesupport to them.In Italy, we donated 1 million to Fondo di MutuoSoccorso (Mutual Aid Fund), established to helpindividuals and support the recovery of the economywith focus on small businesses and the sectors mostimpacted by Covid-19.Globally, LSEG donated 1 million to the InternationalCommittee of the Red Cross (ICRC)’s EmergencyAppeal for Covid-19 to fund emergency medicalaid around the world.For more information on how we mitigated thepeople-related risks that came with Covid-19,please see page 38 of our Annual Report.
5London Stock Exchange Group plcGroup Sustainability Report 2020OurSustainabilityStrategyIntroductionOur Sustainability StrategyEnabling and supporting positive changeAppendixWe are a global business and a key partof the world’s financial system. As such,we play an important role in contributingto economic stability and sustainable growth.It is a role that we perform with pride andwe take our responsibilities very seriously.”David SchwimmerCEO01Being a responsible business
6London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixGroup at a glanceWho we areOUR GROUPLSEG (London Stock Exchange Group) is more than adiversified global financial markets infrastructure and databusiness. We are dedicated, open-access partners witha commitment to excellence in delivering the servicesour customers expect from us. With extensive experience,deep knowledge and worldwide presence acrossfinancial markets, we enable businesses and economiesaround the world to fund innovation, manage risk andcreate jobs. It’s how we’ve contributed to supportingthe financial stability and growth of communitiesand economies globally for more than 300 years.Data and AnalyticsOur acquisition of Refinitiv ensures we can provide thebreadth and depth of financial data and best-in-classanalytics that customers expect – driving innovationand growth across global markets. And our highperformance solutions – from trading, to marketsurveillance, to wealth solutions and more – enhancethe performance of our customers and the marketsOur purposeDriving financial stability, empowering economiesand enabling customers to create sustainable growth.The rest of this page describes our Group as of 29January 2021, following the completion of the Refinitivtransaction. This report describes the sustainabilityperformance of LSEG as a standalone business in2020. We look forward to sharing more about our newGroup sustainability strategy going forward.For more information on our business model,see page 8 of the Annual ReportFTSE Russell is a global leader in financial indexing,benchmarking and analytic services with more than 16 trillion benchmarked to our indices – and offersan extensive range of data services and research.The combination of Refinitiv and FTSE Russellprovides LSEG with world-leading capabilities in data,analytics and indices.Capital MarketsWe offer our customers extensive access to Europe’scapital markets and liquidity across multiple assetclasses. We operate a broad range of internationalequity, fixed income, related exchange-traded funds(ETFs)/exchange-traded products (ETPs) and foreignexchange markets that enable customers, communitiesand economies to grow. Our Group is home to severalcapital formation and execution venues: London StockExchange, AIM, Turquoise, CurveGlobal, Refinitiv FXalland Tradeweb (through a majority ownership interest).Post TradeWe support our customers’ clearing and reportingobligations, providing risk, balance sheet and financialresource management solutions, while working with ourother divisions to extend this support across the value chain.A leading global clearing house with a strong presenceacross multiple asset classes, LCH helps financialinstitutions all over the world use their capital efficientlyand mitigate counterparty risk across multiple assetclasses for sell-side clearing members and buy-sideclients in conjunction with trading venues globally.UnaVista, a regulated platform that helps customersmeet their reporting compliance obligations andreduce operational and regulatory risk throughreporting, reference data and analytics solutions,further complements our Post Trade offering.Through a comprehensive, integrated suite of trustedfinancial market infrastructure services – and ouropen-access model – we provide the flexibility, stabilityand trust that enables our customers to pursue theirambitions with confidence and clarityGroup SustainabilityIntegrity and trust are at the core of what we do. As aGroup we have, from the outset, operated under thebanner of “my word is my bond”. That overriding principleis still relevant today as a provider of trusted, reliable,independent and user neutral services. Positioned atthe heart of capital markets, we are well placed to drivelong-term sustainable economic growth, stability andresilience across global economies. We partner acrossthe marketplace, and with other industry leaders, tochampion the role responsible businesses and investorsplay in accelerating the transition to a net-zero,sustainable economy.
7London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixLooking aheadAs our business expands and diversifies,we continue to review our sustainabilityobjectives. Following completion of theRefinitiv transaction in January 2021, onthis page we begin to set out our ambitionsfor the new Group. We look forward tosharing more on this during 2021.CommitmentActions1. TRANSFORMINGTHE GLOBAL FINANCIAL ECOSYSTEM Integrate and invest in ambitious Group sustainable investment and finance strategies aimed at transformingthe global financial ecosystem. Build market-wide momentum in the run-up to COP26 as a leading global financial markets infrastructure groupworking with issuers, investors and policy makers to drive actions towards a low-carbon and sustainable economy. Drive and support efforts towards catalysing consistent sustainability and climate disclosure globally. Deepen our work on social and inclusion performance metrics, and help strength financial controls in building warcrimes and green crime into financial risk screening tools Take our focus on sustainable and climate transition finance to the next level through the development of innovativemarket initiatives and collaborations. Build upon and extend our network of partners to develop the next generation of sustainable finance and investmentplatforms including through Future of Sustainable Data Alliance and the UN Sustainable Stock Exchange Initiative. Explore strategies for integrating Sustainable Finance considerations into our Post Trade operations.2. TRANSFORMINGOUR OPERATIONS AND CULTUREWHILE SUPPORTING THEWIDER COMMUNITY Build out our internal sustainability capabilities and the associated resourcing to support the deepening integrationof sustainability across LSEG. Further develop quantified metrics including the enlarged Group’s Science-based Targets to set out a decarbonisationtrajectory with a 2030 time horizon aligned with a 1.5 C scenario. Engage our suppliers in our decarbonisation efforts with a view to encouraging them to establish their owndecarbonisation targets by 2025. Align LSEG Foundation and Refinitiv Charities under a common mission with the new Group’s purpose statement,to enable strategic community investment partnerships and mobilise our staff volunteering potential. Roll out enlarged Group’s culture and values supported by a people strategy that prioritises wellbeing anddevelopment with a view to retaining and growing talent at a time of significant corporate change. Support the markets to integrate ESG considerations and target both impact and return through back-testing historicalaspects of ESG and financial performance.
8London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixOur approach to sustainabilityWHY SUSTAINABILITY MATTERSWe are a global business and a key part of the world’sfinancial system. As such, we play an important rolein contributing to economic stability and sustainablegrowth. It is a role that we perform with pride and we takeour responsibilities very seriously. Here’s how we deliver.Our purposeDriving financial stability, empoweringeconomies and enabling customersto create sustainable growth.Focus areasOur sustainability activitiescan be broadly aligned toone of two key focus areasEnabling and supporting positive changeLSEG is well positioned to support and facilitate sustainableand low-carbon solutions across the financial marketsecosystem by providing access to capital and supportingintegration of sustainability into investment processes.Positioned at the heart of capital markets, we are wellplaced to drive long-term sustainable economic growthacross global economies.We partner across the marketplace, and with otherindustry leaders, to champion the role responsiblebusinesses and investors play in accelerating thetransition to a low-carbon, sustainable economy.This goes beyond creating sustainable productsand being a responsible business ourselves. It’s aboutembedding sustainability as a fundamental part of ourstrategy and culture.We aim to do this through our Convene, Grow, Discloseand Transition impact areas, explained below.They represent where we can have the biggest impact as abusiness, using our unique position at the centre of capitalmarkets to make a meaningful difference.Our intent is also to support and encourage our peopleto volunteer, to play active roles in the communities inwhich we work and to work together on action on theenvironment and climate change.Impact areasWe have six impactareas that direct ourfocus on all of oursustainability activities.Information on our sustainability riskmanagement can be found on page 36 and 50ConveneLeveraging ourposition at thecentre of capitalmarkets to driveglobal growthGrowSmall andmedium-sizedenterprises(SMEs) raisecapital and fundinvestmentsto s withinformation andtools to assessthe ESGperformanceof companiesto facilitateengagementand investmentapproachesTransitionWe work withissuers andinvestorsto providesolutions thataccelerate andmanage thetransition to alow-carbonandsustainableeconomyBeing a responsible businessLSEG fully recognises its responsibilities to its peopleand their importance to our business model.We monitor our impact on the communities around usand how it aligns with our strategy and values. We aimto promote sustainable practices and support localcommunities and the environment where we havea significant business presence.DevelopEmploy andinvest in thedevelopmentof a highlydiverse globalworkforce todeliver on oursustainablevisionSustainWe will help theless advantagedin communitiesworldwideto developbusiness skillsand to supportthe environment
9London Stock Exchange Group plcGroup Sustainability Report 2020IntroductionOur Sustainability StrategyEnabling and supporting positive changeBeing a responsible businessAppendixMateriality reviewPrior to reporting, all initiatives and activities from acrossthe year are assessed for their materiality within ourstrategic framework. Items are cross-referenced usingboth internal and external evaluators; internally, initiativesare evaluated on their relevance to six impact areas andexternally against the UN Sustainable DevelopmentGoals (SDGs) and Global Reporting Initiative (GRI)materiality definitions. If the item is deemed to be materialagainst this framework, it is reported.Together, this framework provides a tool to: set coherent and congruent objectives withcross-Group impact create aligned action plans engage with employees to add value throughinnovative strategies engage effectively with external audiencesand stakeholder groupsSustainable Development GoalsWe assess initiatives and activities for their contributiontowards fulfilling five SDGs that are relevant to stockexchanges as set out by the UN Sustainable StockExchanges initiative (UN SS
CONTENTS Introduction 02 Welcome to our 2020 Group Sustainability Report 04 Our response to Covid-19 05 Our Sustainability Strategy 06 Group at a glance 07 Looking ahead 08 Our approach to sustainability 09 Materiality review 10 Progress on our commitments 11 Sustainability ratings performance 12 Enabling and supporting positive change 21 Being a responsible business
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social media and networks in the nancial services sector, LinkedIn partnered with FTI Consulting to conduct a comprehensive survey of nancial advisors in the United States. The study has revealed new insights into how nancial advisors are leveraging social media to
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